Markey unveils anti-pollution proposal

Wednesday

May 28, 2008 at 12:01 AMMay 28, 2008 at 2:13 PM

With the hope of creating an incentive-laden cap-and-trade system for greenhouse emissions, U.S. Rep. Ed Markey, D- Mass., today unveiled a proposal that could reduce pollution and curb global warming, while helping offset the increase in energy costs for American families.

With the hope of creating an incentive-laden cap-and-trade system for greenhouse emissions, U.S. Rep. Ed Markey, D- Mass., today unveiled a proposal that could reduce pollution and curb global warming, while helping offset the increase in energy costs for American families.

The "Investing in Climate Action and Protection Act" would cap global warming emissions to 2005 levels by 2012, 20 percent below those levels by 2020, and 85 percent below those levels by 2050.

The measure, if passed, would auction away 94 percent of the pollution allowances in 2012. By 2020, 100 percent of the pollution allowances would be auctioned off.

Winston Vaughan, field organizer for the advocacy group Environment Massachusetts, applauded Markey's plan.

"By adopting a fair and efficient approach, this bill will achieve greater reductions and at lower costs to society than other proposals currently being considered," wrote Vaughan in an e-mail.

Markey's legislation would set a price on carbon, an auction for pollutant credits would allow the highest bidder to exceed the emissions threshold. Companies could then buy and trade pollution cap credits under the system.

More than half revenue from the auctions - Markey anticipates the plan to generate $8 trillion over the life of the proposal - will help low to middle-income American families offset increases in energy costs.

"We must cap pollution, we must invest in consumers, jobs and the technology of tomorrow, and America must lead the world in solving our greatest challenges, and we must start now,'' said Markey in a statement.

Markey will officially introduce the bill when Congress returns to session next week.

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